This article briefly:

Circle will partner with Philippines-based cryptocurrency exchange Coins.ph to speed up remittances through its stablecoin USDC.

The Philippines is the fourth largest recipient of remittances, receiving $38 billion in 2022, up 3.4% from 2021.

Circle’s partnership with Coins.ph aims to reduce remittance costs from 5.7% to below 3%, addressing a major pain point for recipients.

Circle has partnered with Philippine cryptocurrency exchange Coins.ph to facilitate remittances through its USDC stablecoin.

Cross-border transactions through traditional methods such as bank transfers have always been a huge challenge. Transactions are time-consuming and involve high fees.

Circle aims to reduce remittance fees to below 3%

Through this collaboration, the USDC issuer hopes to facilitate faster cross-border remittances, according to a Circle press release.

According to Statista data from 2022, the Philippines is the fourth largest recipient of remittances. Last year, it received $38 billion in remittances, up 3.4% from 2021.

The world's largest recipient of remittances. Source: Statista

However, the average cost of sending $200 in Asia is 5.7%, according to the World Bank. If Circle can lower that cost, it could help ease the financial pain for recipients of remittances in the Philippines.

By partnering with Coins.ph, Circle promises to reduce remittance costs from 5.7% to less than 3%.Apart from Circle, various other institutions have also experimented with using stablecoins for remittances.

BeInCrypto reported that South Korea’s Shinhan Bank completed a stablecoin remittance proof-of-concept pilot on the Hedera network in July. In addition, Latin America has also attempted to use stablecoins to combat high inflation and promote inward remittances. #Circle  #USDC